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Herbal Supplements: Nature's Answer to Wellness
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According to The Business Research Company's, The herbal supplements market size has grown strongly in recent years. It will grow from $46.39 billion in 2023 to $50.29 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increasing consumer awareness, shift towards preventive healthcare, rise in lifestyle-related health issues, government initiatives and regulations.
The herbal supplements market size is expected to see strong growth in the next few years. It will grow to $66.77 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to continued consumer education, expanding aging population, global wellness trend, personalization and customization, market innovations and product diversity. Major trends in the forecast period include eco-friendly packaging solutions, cultural and traditional influences, collaborations and partnerships, rising demand for personalized nutrition.
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Market Drivers and Trends:
The increase in number of health-conscious consumers is significantly driving the growth of the herbal supplements market. Herbal supplements have numerous health benefits and are chemical-free. They are used to supplement diets and cure common ailments. According to the International Food Information Council's (IFIC) 2022 food and health survey, Americans have a strong interest in becoming more health-conscious, In 2022, 52% of Americans report that they followed a diet or eating pattern in the past year, a significant increase from the past few years (39% in 2021, 43% in 2020) Hence, the increasing number of health-conscious people is expected to propel the growth of the herbal supplements market in the forecast period.
Companies in the herbal supplements market are increasing their investment in research and development. This trend is positively impacting the market. For example, in February 2022, a US-based health, beauty, and home care products company, Amway, collaborated with Indian technological institute, IIT Bombay, to speed up its research in the fields of botanicals, nutraceuticals, and herbal supplements. With this partnership, a team of in-house Amway researchers and IIT Bombay will collaboratively work to innovate in the different areas and to improve the nutrition and herbal range of products and ingredients of Amway.
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Major Key Players of the Market:
Archer Daniels Midland Company, Glanbia plc, Herbalife Nutrition International of America Inc., NBTY Inc., Dabur India Ltd., Blackmores Limited, Swanson Health Products, Weleda AG, Now Health Group, Nutraceutical International Corporation, Ricola AG, DSM Nutritional Products Ltd., Dr. Willmar Schwabe GmbH & Co. KG, Jarrow Formulas Inc., Taiji Group, Gaia Herbs, Arizona Natural Products LLC, Bio-Botanica Inc., Sunfood Nutraceuticals, Solgar Inc., ABCO Laboratories Inc., Nature's Bounty Co., Wonder Laboratories, Ancient Greenfields Pvt. Ltd., NaturaLife Asia Co. Ltd., Herbochem Sdn. Bhd., Third Coast Herb Co., Wellness Origin Indy, Kunming Pharmaceutical Corporation, Herbal Africa, Rainbow Light Nutritional Systems Inc., MegaFood, Barlean's Organic Oils LLC, NutriGold Inc., Premier Health Products Ltd., Z Natural Foods
Herbal Supplements Market 2024 Key Insights:
• The herbal supplements market size is expected to see strong growth in the next few years. It will grow to $66.77 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Spike In Health-Conscious Consumers Drives Expansion Of Herbal Supplements Market
• Research And Development Investment Surges Herbal Supplements Innovation
• North America will be the largest region in the herbal supplement market in 2023
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